Consolidated Statements of Cash Flows

		Years ended December 31
(Dollars in millions)		2004	2003	2002
Operating activities
Net income		$326.3	$268.4	$175.5
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		298.3	278.8	248.5
Deferred income taxes and other		(2.8)	21.7	42.4
Undistributed earnings from affiliated companies		(9.6)	(10.1)	(4.1)
Changes in operating assets and liabilities
Receivables and other assets		1.4	(34.9)	(39.8)
Inventories		(19.5)	(11.2)	(29.8)
Accounts payable and accrued expenses		33.1	(2.1)	110.6
Income taxes		53.0	18.2	5.7
Net cash provided by operating activities		680.2	528.8	509.0
Investing activities
Expenditures for property, plant and equipment		(324.2)	(258.0)	(228.4)
Proceeds from sale of property, plant and equipment		11.5	11.8	10.5
Acquisition of businesses and investments in affiliated companies, net of cash acquired	Note 14	9.8	(29.2)	(22.3)
Net cash used in investing activities		(302.9)	(275.4)	(240.2)
Net cash before financing		377.3	253.4	268.8
Financing activities
Net increase (decrease) in short-term debt		33.2	(51.9)	(23.8)
Issuance of long-term debt		95.1	157.5	5.6
Repayments and other changes in long-term debt		(185.9)	(284.9)	(165.4)
Minority interest share of dividends paid		(3.9)	(4.5)	(2.5)
Dividends paid		(70.3)	(51.3)	(42.9)
Shares repurchased		(143.9)	(43.0)	(30.4)
Common stock incentives	Note 15	10.2	7.1	0.7
Other, net		4.8	(1.8)	1.7
Net cash used in financing activities		(260.7)	(272.8)	(257.0)
Effect of exchange rate changes on cash		18.9	11.6	5.5
Increase (decrease) in cash and cash equivalents		135.5	(7.8)	17.3
Cash and cash equivalents at beginning of year		93.7	101.5	84.2
Cash and cash equivalents at end of year		$229.2	$93.7	$101.5